Oncimmune Holdings PLC (AIM:ONC) CEO Martin Gouldstone provided a guardedly optimistic assessment of prospects for the business after a pivotal year - one in which it began to focus solely on its ImmunoINSIGHTS operation.
This followed the £13 million sale of assets such as its CE-marked IVD EarlyCDT Lung blood test and antibody platform.
In commentary alongside its full-year results, the company said it had made significant progress strategically with the 'buildout' of the commercial team now 'nearly complete'.
It expects the revenue impact of these new hires to be felt towards the end of the current year and beyond.
CEO Gouldstone told investors: "Whilst FY 2023 has seen significant changes to the operations and management of Oncimmune, I remain encouraged and optimistic about the business outlook for FY 2024 and beyond.
"During my first six months as CEO I, together with the rest of the senior management team, have carried out a root and branch review of the operations and financials of the business and have formulated a focused strategy to see the group reach revenues in its ImmunoINSIGHTS business not previously achieved.
"I have been pleased to see some of the strategy beginning to bear fruit and look forward to being able to report on more positive progress in the coming months."
For the 12 months ended August 31, the company posted revenues of £2.1 million, while the loss from continuing operations was £6.2 million. Accounting for the proceeds from the asset sale, the company made a profit of £4.1 million.
Oncimmune exited the year with a gross cash balance of £3.2 million and net debt of £2.1 million.